Tariffs Catch-All
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Silence Dogood
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“… Trump announced the countries now subject to tariffs in a Wednesday press conference, using a poster as a prop. Additional countries—including the Heard and McDonald Islands, which are, incidentally, not countries—were listed on sheets of paper distributed to reporters.
One of the sheets claims that the Heard and McDonald Islands currently charge a “Tariff to the U.S.A.” of 10 percent, clarifying in tiny letters that this includes "currency manipulation and trade barriers." In return, the sheet says that the US will charge "discounted reciprocal tariffs" on the islands at a rate of 10 percent.
… The Australian Antarctic Division claims that the area occasionally receives ships involved in scientific research, commercial fishing, and tourism.“
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“Steep tariffs of 25% on vehicles imported into the United States went into effect early Thursday morning, as international leaders reacted to and markets reeled from President Donald Trump's announcement hours earlier of even more sweeping tariffs set to begin later this week and next week.
The auto tariffs, which apply to imported cars, SUVs, minivans, cargo vans and light trucks, could raise car prices by thousands of dollars, according to experts.
Overall, half of the approximately 16 million vehicles purchased in the U.S. last year were imported, according to the White House.
… Tariffs of 25% on key imported auto parts, including engines and electrical components, were set to go into effect later. …”
abcnews.go.com
The auto tariffs, which apply to imported cars, SUVs, minivans, cargo vans and light trucks, could raise car prices by thousands of dollars, according to experts.
Overall, half of the approximately 16 million vehicles purchased in the U.S. last year were imported, according to the White House.
… Tariffs of 25% on key imported auto parts, including engines and electrical components, were set to go into effect later. …”
US tariffs on imported autos go into effect as markets reel from Trump's trade escalation
International markets reeled from President Donald Trump's announcement hours earlier of even more sweeping tariffs set to begin later this week and next.
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Auto Tariffs Take Effect, Putting Pressure on New Car Prices
President Trump says the tariffs will encourage investment in U.S. factories, but analysts say car buyers will have to pay thousands more.
Auto Tariffs Take Effect, Putting Pressure on New Car Prices
President Trump says the tariffs will encourage investment in U.S. factories, but analysts say car buyers will have to pay thousands more.
“…The 25 percent duty applies to all cars assembled outside the United States. Starting May 3, the tariff will also apply to imported auto parts, which will add to the cost of cars assembled domestically as well as auto repairs.
… Even people who don’t buy new cars will be hit by the tariffs because they will pay more for parts like tires, brake pads and oil filters.
… The auto tariffs could also push up prices for used cars over time, analysts said, by increasing demand for those vehicles as new ones become unaffordable for many buyers.
Insurance premiums may also rise because repairs will cost more.“
Silence Dogood
Esteemed Member
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We don't need coffee from Indonesia. Indonesia needs US products.
Silence Dogood
Esteemed Member
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Don't buy foreign cars or let foreign countries eat the cost.“Steep tariffs of 25% on vehicles imported into the United States went into effect early Thursday morning, as international leaders reacted to and markets reeled from President Donald Trump's announcement hours earlier of even more sweeping tariffs set to begin later this week and next week.
The auto tariffs, which apply to imported cars, SUVs, minivans, cargo vans and light trucks, could raise car prices by thousands of dollars, according to experts.
Overall, half of the approximately 16 million vehicles purchased in the U.S. last year were imported, according to the White House.
… Tariffs of 25% on key imported auto parts, including engines and electrical components, were set to go into effect later. …”
US tariffs on imported autos go into effect as markets reel from Trump's trade escalation
International markets reeled from President Donald Trump's announcement hours earlier of even more sweeping tariffs set to begin later this week and next.
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I do find it funny that the administration and its supporters who say raising the prices of foreign products like cars will create jobs in the US because people will buy domestic ones and will open up factories suddenly to make them are the same ones that arguing that carbon taxes and buying incentives will never work to drive people to mass transit or encourage people to buy electric cars etc.
Total pretzel logic.
Total pretzel logic.
ChileG
Iconic Member
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Yeah, maybe you are right about tariffs and every single economist and financial expert in the world is wrong.
Are you by chance an expert on vaccines as well?
Last edited:
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European stock markets join global sell-off, as Trump tariff announcement hurts US dollar – business live
Ursula von der Leyen says tariffs a ‘major blow’ to world economy after US President Trump targets allies on what he dubbed ‘liberation day’
European stock markets join global sell-off, as Trump tariff announcement hurts US dollar – business live
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European stock markets join global sell-off, as Trump tariff announcement hurts US dollar – business live
Ursula von der Leyen says tariffs a ‘major blow’ to world economy after US President Trump targets allies on what he dubbed ‘liberation day’
US tariff burden could be higher than under Smoot-Hawley
Economists have calculated that the US tariffs would hit their highest level in over a century if the measures announced by Donald Trump last night are implemented in full.Capital Economics have calcualted that the effective tariff rate on all imports will rise from 2.3% last year to around 26%, leaving it at a 131-year high, once you add the new reciprocal tariffs to the earlier hikes on goods from China, and the product-specific tariffs on steel, aluminum and autos.
They told clients:
That, according to this chart from Capital Economics, would take the effective tariff rate higher than under the infamous Smoot-Hawley Tariff Act of 1930.
p5mmr9
Distinguished Member
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Indonesia Products Imports by country & region 2022 | WITS Data
Merchandise trade and tariff data for Indonesia (IDN) All Products import from all countries (trading partner) including Trade Value, Product Share, MFN and Effectively applied tariffs, count of duty free and dutiable products for 2022
wits.worldbank.org
Indonesia's single largest import trading partner is China. What product from the USA do you think Indonesia "needs?" Further - do you think these tariffs will encourage a stronger trading bond between the USA and Indonesia or do you think the tariffs will encourage a stronger trading bond with China?
And just for fairness - this is Indonesia's export by country. China again is at the top of the list:
Indonesia Products Exports by country & region 2022 | WITS Data
Merchandise trade data for Indonesia (IDN) All Products export to all countries (trading partner) including Trade Value, Product Share, Country Growth, World Growth, Revealed Comparative Advantage (RCA) for 2022
wits.worldbank.org
lawtig02
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I wouldn’t normally post something this long but HCR’s summary and commentary this morning is spot on —
Just five months ago, on October 19, 2024, The Economist ran a special report on America’s economy. That economy was, the magazine said, “the envy of the world.” Today, stock market futures plummeted after President Donald J. Trump announced that he will impose a 10% tariff on all imports to the United States, with higher rates on about 60 countries he claims engage in unfair trade practices, including China, Japan, Vietnam, and South Korea, as well as the European Union.
Dow Jones Industrial Average futures lost more than 1,000 points upon the news, falling by 2.5%; the S&P 500 dropped 3.6%.
Trump’s erratic approach to the economy had already rattled markets, which dropped significantly in the first quarter of this year, and consumer confidence, which recently hit a twelve-year low. Trump waited until the stock market had closed today before he announced the new tariffs. Then, in a speech in the White House Rose Garden, he said: “For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike. But it is not going to happen anymore.” Instead, he said, tariffs would create “the golden age of America.”
“Never before has an hour of Presidential rhetoric cost so many people so much,” former treasury secretary Lawrence Summers posted. “The best estimate of the loss from tariff policy is now [close] to $30 trillion or $300,000 per family of four.” “The Trump Tariff Tax is the largest peacetime tax hike in U.S. history,” posted former vice president Mike Pence.
Trump claims he is imposing “reciprocal tariffs” and says they are about half of what other countries levy on U.S. goods. In fact, the numbers he is using for his claim that other countries are imposing high tariffs on U.S. goods are bonkers. Economist Paul Krugman points out that the European Union places tariffs of less than 3% on average on U.S. goods, while Trump maintained its tariffs are 39%.
Krugman said he had no idea where that number had come from, but financial journalist James Surowiecki figured out that the White House “just took our trade deficit with [each] country and divided it by the country’s exports to us.” He called it “extraordinary nonsense.” Washington Post economic writer Catherine Rampell posted that she was reluctant to amplify Surowiecki’s theory that the tariff rates were based on such a “dumb calculation,” but then the Office of the U.S. Trade Representative confirmed it.
Certain observers in business had apparently persuaded themselves that Trump didn’t really intend to raise tariffs very much and that his many vows to do so were simply rhetoric, since economists agree that tariffs are a tax on consumers and will raise inflation and slow down growth. Today’s tariffs are higher than expected, and business leaders are alarmed.
JPMorgan tonight said that they “view the full implementation of these policies as a substantial macro economic shock not currently incorporated in our forecasts” and that “these policies, if sustained, would likely push the US and global economy into recession this year.”
Economist Brad Setser of the Council on Foreign Relations agreed. He told David J. Lynch and Jeff Stein of the Washington Post: “In the short run, the effect is probably a recession. It’s going to raise the price of so many goods that can’t be made in the United States…. In the long run, it’s a vision of the U.S. that is very isolated from the world.”
But not from every other country. While Trump imposed tariffs on Australia’s remote Heard and McDonald Islands, which are uninhabited except by wildlife like seals and penguins, it did not put tariffs on Russia. A different financial shift lifted sanctions against senior Russian negotiator Kirill Dmitriev, to permit him to travel to Washington, D.C., today to meet with U.S. special envoy Steve Witkoff for what Alex Marquardt, Jennifer Hansler, and Alayna Treene of CNN refer to as “talks on strengthening relations between the two countries as they seek to end the war in Ukraine.”
Senator Chris Murphy (D-CT) noted tonight that the tariffs make no economic sense because “[t]hey aren’t designed as economic policy. The tariffs are simply a new, super dangerous political tool.” Murphy suggests they are a way to make private industry dependent on the president the same way he has tried to make law firms and universities dependent on him. Industries and companies “will need to pledge loyalty to Trump in order to get sanctions relief.”
Murphy warns that “[t]he tariffs are DESIGNED to create economic hardship…o that Trump has a straight face rationale for releasing them, business by business or industry by industry. As he adjusts or grants relief, it’s a win-win: the economy improves and dissent disappears.”
There is also Trump’s apparent fascination with President William McKinley, who held office from 1897 to 1901, at a time when high tariffs concentrated wealth in the hands of industrialists while workers and farmers, as well as their families, faced injury, hunger, and homelessness from dangerous working conditions, low wages and commodity prices, and seasonal factory closings.
Trump has frequently claimed those years were the nation’s wealthiest, and today he helped to explain his focus on that era when he referred to the 1913 Revenue Act, a law that has angered the right wing for decades. That act began the process of replacing the high tariffs of the late nineteenth and early twentieth centuries with an income tax, thus shifting the burden of funding the treasury from ordinary Americans through tariffs to wealthier Americans through the income tax. At least some of Trump’s tariff plans seem tied to his enthusiasm for tax cuts on wealthy individuals and corporations.
But in trying to reestablish the financial patterns of the late nineteenth century—patterns that led to profound economic instability in the U.S., including economic crashes—Trump is undermining the system of global trade that has fostered international cooperation since World War II. CNN global economic analyst Rana Foroohar told CNN’s John Vause: “This is Trump saying…I am going to overturn globalization as we’ve known it.” She added: “I’m hoping it doesn’t push the U.S. and the world into recession.”
Just five months ago, on October 19, 2024, The Economist ran a special report on America’s economy. That economy was, the magazine said, “the envy of the world.” Today, stock market futures plummeted after President Donald J. Trump announced that he will impose a 10% tariff on all imports to the United States, with higher rates on about 60 countries he claims engage in unfair trade practices, including China, Japan, Vietnam, and South Korea, as well as the European Union.
Dow Jones Industrial Average futures lost more than 1,000 points upon the news, falling by 2.5%; the S&P 500 dropped 3.6%.
Trump’s erratic approach to the economy had already rattled markets, which dropped significantly in the first quarter of this year, and consumer confidence, which recently hit a twelve-year low. Trump waited until the stock market had closed today before he announced the new tariffs. Then, in a speech in the White House Rose Garden, he said: “For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike. But it is not going to happen anymore.” Instead, he said, tariffs would create “the golden age of America.”
“Never before has an hour of Presidential rhetoric cost so many people so much,” former treasury secretary Lawrence Summers posted. “The best estimate of the loss from tariff policy is now [close] to $30 trillion or $300,000 per family of four.” “The Trump Tariff Tax is the largest peacetime tax hike in U.S. history,” posted former vice president Mike Pence.
Trump claims he is imposing “reciprocal tariffs” and says they are about half of what other countries levy on U.S. goods. In fact, the numbers he is using for his claim that other countries are imposing high tariffs on U.S. goods are bonkers. Economist Paul Krugman points out that the European Union places tariffs of less than 3% on average on U.S. goods, while Trump maintained its tariffs are 39%.
Krugman said he had no idea where that number had come from, but financial journalist James Surowiecki figured out that the White House “just took our trade deficit with [each] country and divided it by the country’s exports to us.” He called it “extraordinary nonsense.” Washington Post economic writer Catherine Rampell posted that she was reluctant to amplify Surowiecki’s theory that the tariff rates were based on such a “dumb calculation,” but then the Office of the U.S. Trade Representative confirmed it.
Certain observers in business had apparently persuaded themselves that Trump didn’t really intend to raise tariffs very much and that his many vows to do so were simply rhetoric, since economists agree that tariffs are a tax on consumers and will raise inflation and slow down growth. Today’s tariffs are higher than expected, and business leaders are alarmed.
JPMorgan tonight said that they “view the full implementation of these policies as a substantial macro economic shock not currently incorporated in our forecasts” and that “these policies, if sustained, would likely push the US and global economy into recession this year.”
Economist Brad Setser of the Council on Foreign Relations agreed. He told David J. Lynch and Jeff Stein of the Washington Post: “In the short run, the effect is probably a recession. It’s going to raise the price of so many goods that can’t be made in the United States…. In the long run, it’s a vision of the U.S. that is very isolated from the world.”
But not from every other country. While Trump imposed tariffs on Australia’s remote Heard and McDonald Islands, which are uninhabited except by wildlife like seals and penguins, it did not put tariffs on Russia. A different financial shift lifted sanctions against senior Russian negotiator Kirill Dmitriev, to permit him to travel to Washington, D.C., today to meet with U.S. special envoy Steve Witkoff for what Alex Marquardt, Jennifer Hansler, and Alayna Treene of CNN refer to as “talks on strengthening relations between the two countries as they seek to end the war in Ukraine.”
Senator Chris Murphy (D-CT) noted tonight that the tariffs make no economic sense because “[t]hey aren’t designed as economic policy. The tariffs are simply a new, super dangerous political tool.” Murphy suggests they are a way to make private industry dependent on the president the same way he has tried to make law firms and universities dependent on him. Industries and companies “will need to pledge loyalty to Trump in order to get sanctions relief.”
Murphy warns that “[t]he tariffs are DESIGNED to create economic hardship…
There is also Trump’s apparent fascination with President William McKinley, who held office from 1897 to 1901, at a time when high tariffs concentrated wealth in the hands of industrialists while workers and farmers, as well as their families, faced injury, hunger, and homelessness from dangerous working conditions, low wages and commodity prices, and seasonal factory closings.
Trump has frequently claimed those years were the nation’s wealthiest, and today he helped to explain his focus on that era when he referred to the 1913 Revenue Act, a law that has angered the right wing for decades. That act began the process of replacing the high tariffs of the late nineteenth and early twentieth centuries with an income tax, thus shifting the burden of funding the treasury from ordinary Americans through tariffs to wealthier Americans through the income tax. At least some of Trump’s tariff plans seem tied to his enthusiasm for tax cuts on wealthy individuals and corporations.
But in trying to reestablish the financial patterns of the late nineteenth century—patterns that led to profound economic instability in the U.S., including economic crashes—Trump is undermining the system of global trade that has fostered international cooperation since World War II. CNN global economic analyst Rana Foroohar told CNN’s John Vause: “This is Trump saying…I am going to overturn globalization as we’ve known it.” She added: “I’m hoping it doesn’t push the U.S. and the world into recession
Last edited by a moderator:
ChileG
Iconic Member
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Silence’s rebuttal: nu-unh
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I am sure DB is going to use this to launder more money somehow but...
www.theguardian.com
Deutsche Bank are now warning clients to “beware a dollar confidence crisis”.
George Saravelos, Deutsche’s head of FX Research, fears that confidence in the US dollar, and America’s economy, is being undermined
This is a timely warning, as the US dollar has sunk by 1.7% so far today as it weakens sharply against other currencies.
Saravelos writes:
Donald Trump’s sweeping tariffs trigger biggest one-day Wall Street fall since 2020 – as it happened
Worst day on New York stock market since Covid-19 crisis as US dollar falls to six month low after US President Trump’s ‘liberation day’ tariffs fuel recession fears
Deutsche Bank are now warning clients to “beware a dollar confidence crisis”.
George Saravelos, Deutsche’s head of FX Research, fears that confidence in the US dollar, and America’s economy, is being undermined
This is a timely warning, as the US dollar has sunk by 1.7% so far today as it weakens sharply against other currencies.
Saravelos writes:
Saravelos says this risks “a self-fulfilling unwind” of extreme US asset overweight positions from countries that have exported capital to the US over the last decade.
p5mmr9
Distinguished Member
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Last I checked - the dollar is strengthening against some developing countries. Vietnamese Dong, Indonesian Rupiah, Indian Rupee, and Bangladeshi Taka are all weakening against the dollar.I am sure DB is going to use this to launder more money somehow but...
Donald Trump’s sweeping tariffs trigger biggest one-day Wall Street fall since 2020 – as it happened
Worst day on New York stock market since Covid-19 crisis as US dollar falls to six month low after US President Trump’s ‘liberation day’ tariffs fuel recession fears
Deutsche Bank are now warning clients to “beware a dollar confidence crisis”.
George Saravelos, Deutsche’s head of FX Research, fears that confidence in the US dollar, and America’s economy, is being undermined
This is a timely warning, as the US dollar has sunk by 1.7% so far today as it weakens sharply against other currencies.
Saravelos writes:
Saravelos says this risks “a self-fulfilling unwind” of extreme US asset overweight positions from countries that have exported capital to the US over the last decade.
The biggest risk right now to the dollar is the impending debt ceiling...and of course the GOP loves playing with the debt ceiling.
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I was half asleep this morning and saw the Dow futures down only 200 points. I thought to myself, well the markets don't seem to be reacting too much to the Trump tariffs...
Then I looked again saw the Dow futures are down over 1,200 points
NASDAQ down 720 points and the S&P down 200 points.
Today may become known as Bloody Thursday
Then I looked again saw the Dow futures are down over 1,200 points
NASDAQ down 720 points and the S&P down 200 points.
Today may become known as Bloody Thursday
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Again, you believe the things you hear in your media which just exists to repeat the lies spouted by liars. You are a sucker. Change the channel.